If so, I have exactly the thing you’re looking for, and it comes in just under $100. The Hennessy Hammocks Scout Classic ($99.95; hennessyhammock.com) is a good quality, basic camping hammockwith built-in mosquito netting and a detachable rainfly to protect you from the elements. I’ve tested one and can tell you that it works really well; I slept like a baby in it. It’s lightweight too, weighing just 2 lbs. 10 oz., and is small enough for backpacking since it fits inside a stuff sack about the size of a bag of potato chips (and can be made even smaller inside a compression sack).

If you just want a hammock but aren’t worried about rain or insects, then check out the Eagles Nest Outfitters Single Nest ($60; eaglesnestoutfittersinc.com). It’s a super comfortable, easy to set-up hammock that weighs just 17 ounces.

To add to that – Byer of Maine makes the Moskito Kakoon which has a built in bug next for about $70 – you might still need a tarp but any old tarp will work for rain protection as long as you think about your setup.
Note that you should really use tree straps (not rope) to set up your hammock. Rope damages the trees and get’s us Hammock’ers kicked out of parks.

Or… Do It Yourself or DIY also known as Make Your Own Gear or MYOG. Go to a fabric shop and purchase three yards of 60 inch wide rip-stop nylon (about $7/yd or about $21). Then pick up about 50 feet of rope that is rated at about 500 pounds (about $10). Mark the 25 foot mark on your 50 foot rope, then mark 3 feet 10 inches from the center mark in each direction. Next gather the ends of your fabric and tie into the two outside marks with a sheet bend. Next find two sturdy trees about 12 or more feet apart and tie up with a round turn and two half hitches. Final step: enjoy.